The bank kept its overnight lending rate at 12 percent but cut its overnight borrowing rate to 7.5 percent from 8 percent.

All 16 economists in a Reuters survey forecast a cut in the main one-week repo rate, with 12 predicting a 50 basis point cut. Twelve forecast no change in the bank’s overnight lending rate, although three predicted a 50 basis point cut. (Reporting by Seda Sezer; Editing by Nick Tattersall)